The argument is that they get to convert their supposedly worthless BON shares into supposedly invaluable MAK shares. I can see the point but I don't agree that it is what the takeover is about. The MAK board clearly believe there is a significant long term strategic advantage in acquiring BON, that's all that matters. The 3 directors concerned stepped out of the process in terms of defining price which was actually done by an independant analyst commissioned by the independent MAK directors.
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